Aker Solutions ASA: Fourth-Quarter Results 2022

08 Feb 2023 07:00 CET

February 8, 2023 - Solid results and record high order intake. Aker Solutions
delivered solid financials in the fourth quarter and for full-year 2022, as
revenue and margins increased. The company won all-time high order intake
leading to a record high order backlog securing a high level of activity and
forming the basis for healthy margins going forward. The market outlook remains
positive, with increased energy spending forecasted in the years to come. Aker
Solutions expects revenue to be up by around 15 percent in 2023 from 2022. The
Board of Directors proposes a dividend of NOK 1.00 per share for 2022.

4Q 2022 Financial Highlights
(excluding special items)

· Revenue NOK 12.5 billion
· EBITDA NOK 999 million
· EBITDA margin 8.0 percent
· Earnings per share NOK 1.10
· Net cash position NOK 5.1 billion
· Order intake NOK 59.3 billion (4.8x book-to-bill)
· Order backlog NOK 97.3 billion

2022 Full-Year Financial Highlights
(excluding special items)

· Revenue NOK 41.4 billion
· EBITDA NOK 3,022 million
· EBITDA margin 7.3 percent
· Earnings per share NOK 2.53
· Order intake NOK 88.2 billion (2.1x book-to-bill)
· Order backlog NOK 97.3 billion
· Board proposes dividend of NOK 1.00 per share for 2022 (40 percent of net
profit)

"I am happy that we delivered strong fourth quarter results both operationally
and financially. I am also very pleased with our performance in 2022 overall -
the year was successful for Aker Solutions on many fronts, delivering
substantial revenue growth, increased profitability and all-time high order
intake. I am very proud of our employees for making these great achievements
possible," said Kjetel Digre, chief executive officer of Aker Solutions.

"Overall, I am very pleased that that we delivered another year of increased
shareholder returns in 2022. The share price increased by 60 percent during the
year and the Board of Directors has proposed increased dividend payments to our
shareholders for 2022. Looking forward, we see increased market activity and the
outlook for the industry and for the company is very positive. Aker Solutions is
in an excellent position to take full advantage of opportunities ahead," said
Digre.

Key Developments

Revenue in the fourth quarter increased to NOK 12.5 billion from NOK 8.7 billion
a year earlier. EBITDA excl. special items increased to NOK 999 million or 8.0
percent, up from NOK 593 million or 6.8 percent the year before. Aker Solutions
ended the year with a net cash position of NOK 5.1 billion, excluding lease
liabilities, up from NOK 2.2 billion at the end of 2021, driven by increased
margins and improved working capital. The company's financial position is
solid.

In the quarter, Aker Solutions won record-high order intake of NOK 59.3 billion,
which represents a book-to-bill ratio of 4.8x for the period. For the full year
2022, the company delivered an order intake of NOK 88.2 billion. This increased
the order backlog to a record level of NOK 97.3 billion, of which 60% is related
to the NCS activity package.

The Subsea JV transaction announced in the third quarter 2022 is progressing as
planned. The transaction continues to be expected to close during the second
half of 2023, pending regulatory approvals.

During 2022, Aker Solutions has successfully recruited around 3,000 new skilled
employees globally.

Dividend

Given the company's solid financial position and positive outlook, the Board of
Directors has proposed a dividend payment of NOK 1.00 per share to be paid in
2023, for the fiscal year 2022. This equals 40 percent of the 2022 net profit.
This is a substantial increase from NOK 0.20 per share for 2021, or 30 percent
of net profit.

Outlook

The outlook remains positive for Aker Solutions overall and the company sees
increased market activity moving forward. Energy security remains very high on
the agenda, particularly in Europe. A substantial step-up in global E&P capital
spending is projected and project sanctioning activity internationally is
expected to increase moving forward. The company will continue to be selective
in its approach to tendering and vigilant about capacity. Aker Solutions is well
-positioned to capitalize on both near-term market growth and for the longer
-term structural change in the energy markets.

On the back of recent large awards, Aker Solutions has a strong visibility for
activity levels going forward and will maintain a strong focus on delivering
solid and predictable project execution.

Aker Solutions delivered a strong revenue growth of 41 percent in 2022. Based on
secured order backlog and ongoing projects, the company expects full-year
revenue in 2023 to be up by around 15 percent.

ENDS

Media Contact:
Torbjørn Andersen, mob: +47 928 85 542, email:
torbjorn.andersen@akersolutions.com

Investor Contact:
Preben Ørbeck, mob: +47 470 10 611, email:
preben.orbeck@akersolutions.com (Preben Ørbeck, mob: +47 470 10 611, email:
preben.orbeck@akersolutions.com)

Aker Solutions delivers integrated solutions, products and services to the
global energy industry. We enable low-carbon oil and gas production and develop
renewable solutions to meet future energy needs. By combining innovative digital
solutions and predictable project execution we accelerate the transition to
sustainable energy production. Aker Solutions employs approximately 15,000
people in more than 20 countries.

Visit akersolutions.com and connect with us on
Facebook (https://www.facebook.com/AkerSolutions/),
Instagram (https://instagram.com/akersolutions/),
LinkedIn (https://www.linkedin.com/company/aker-solutions),
Twitter (https://twitter.com/akersolutions) and
YouTube (https://www.youtube.com/akersolutions).

This press release may include forward-looking information or statements and is
subject to our disclaimer, see https://akersolutions.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by William Stoichevski,
Communications, Aker Solutions, on February 8, 2023 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

581591_4Q_2022_Presentation.pdf